Business

Muscat: MSM 30 Index reversed its losses on Wednesday to close with gains at 7196.52 points, up by 0.41 per cent. MSM Sharia Index closed at 1071.71 points, up by 0.09 per cent. National Bank of Oman was the most active in terms of volume as well as turnover. Financial Services was the top gainer of the day with 8.55 per cent gain while Global Financial Investment was the top loser and closed down by 2.16 per cent.

A total number of 1299 trades were executed in Wednesday's trading session generating turnover of OMR6.74 million with over 21.11 million shares traded. Out of 48 traded stocks, 14 advanced, nine declined and 25 were unchanged. At the session close, GCC & Arab switched to net buyers for OMR446,000 followed by Omani investors for OMR185,000 while foreign investors switched to net sellers for OMR639,000 worth of shares.

Financial Sector Index up by 0.53 per cent at 8801.55 points. Financial Services, Al Madina Takaful, National Bank of Oman and DIDIC increased by 8.55 per cent, 3.25 per cent, 2.25 per cent and 1.85 per cent respectively. Global Financial Investment, Oman United Insurance, Ominvest and Gulf Investment Services declined by 2.16 per cent, 0.50 per cent ,0.49 per cent and 0.37 per cent respectively.

The Industrial Sector Index was marginally down by 0.08 per cent at 10107.62 points. Raysut Cement was the only gainer in the sector and was up by 0.49 per cent to close at OMR2.070. Dhofar Cattlefeed, Galfar Engineering, Voltamp Energy and National Aluminium declined by 1.41 per cent, 0.78 per cent, 0.50 per cent and 0.40 per cent respectively.

Services Sector Index was marginally up by 0.04 per cent at 3677.36 points. OIFC and Oman Telecom increased by 1.91 per cent and 0.30 per cent respectively. SMN Power Holding was the only loser in the sector and was down by 0.74 per cent to close at OMR0.540.

Dubai shares climbDubai's stocks rose to the highest level in more than five weeks after Tuesday entering a bull market amid bets Arabtec Holding's second-biggest shareholder will rebuild its stake in the construction company.

The benchmark DFM General Index jumped 1.9 per cent to 4,858.29 at the close in the emirate, the strongest level since June 8. The gauge on Tuesday advanced 21 per cent from a low reached on June 30, just 22 days after entering bear-market territory. Arabtec, the United Arab Emirates' biggest publicly traded builder, added 1.9 per cent to Dh4.95, taking a rally this month to 90 per cent and making it the best-performer on the MSCI Emerging Markets Index.

Dubai's equities sank 22 per cent in June, the steepest retreat in almost six years, after Abu Dhabi-owned Aabar Investments cut its stake in Arabtec to about 19 per cent from 21.57 per cent. The gauge this month recouped the losses with a 23 per cent gain after Arabtec Chairman Khadem Al Qubaisi said on July 2 Aabar may restore its holding. Arabtec extended its rally on Wednesday as a person familiar with the matter said Aabar will boost its stake to more than 30 per cent.

Saudi Arabia's Tadawul All Share Index also rose 0.1 per cent as of1:13pm in Riyadh, headed for its steepest increase since July 10.